- Iran could boost oil supply by 1.5 MMBbl/d in 2H2021, according to FGE
- Total Iranian oil exports would range from 2.6 MM to 1.2 MMBbl/d
- The industry consultant noted that it seems the Biden administration and Iran have been “moving more quickly at the negotiating table.” The U.S. is likely trying to reach a deal sooner rather than later, as Iran will have a presidential election on June 18 that could complicate the return to the accord
- A ransomware attack forced the closure of the largest U.S. fuel pipeline on May 7
- The Colonial network is the main source of gasoline, jet fuel, and diesel for the East coast. The system has a capacity of around 2.5 MMBbl/d from Houston to North Carolina and another 900 MBbl/d to New York
- The pipeline has been down for two days, stoking fears of a fuel supply shortage on the East Coast. According to Bloomberg, if the outage persists, gasoline prices may rise to above $3/Bbl for the first time since October 2014
- India COVID cases steady as calls widen for national lockdown (Reuters)
- The 366,161 new infections and 3,754 deaths reported by the health ministry were slightly below recent peaks, taking India’s tally to 22.66 million with 246,116 deaths
- Many states have imposed lockdowns; however, many are waiting for Prime Minister Modi to announce a measured national lockdown to mitigate the spread